- Ethereum Value Lags Rival Cryptocurrencies
- If Ethereum follows Bitcoin, a brand new yearly excessive might be within the playing cards
- Subsequent week’s Federal Reserve assembly key for US greenback
The cryptocurrency market rebounded strongly in 2023. After a disappointing 2022, the bulls are again as Bitcoin and different main cryptocurrencies rallied strongly.
For instance, Bitcoin has gained 81.86% year-to-date whereas Ripple is up 137.53%. In comparison with the 2, you might say that Ethereum’s worth is lagging behind, rising “solely” by +58.37% this yr.
In different markets, such returns are thought of actually inconceivable. Not within the cryptocurrency market, nonetheless, the place fortunes are made (and misplaced) just about in a single day.
So can one purchase Ethereum due to the shortage of momentum in comparison with its friends? Additionally, following the steps of Bitcoin, will Ethereum attain a brand new excessive for the yr?
Ethereum Chart by TradingView
The Federal Reserve will elevate the funds fee once more subsequent week
The following week might be decisive for the quick and medium time period outlook for the US greenback. The US Federal Reserve is about to set financial coverage subsequent Wednesday, and the likelihood of a hike is near 100%.
By no means in historical past has the Fed ignored what the market had already predicted, so a fee hike is definite.
However the Fed may simply flip issues round on the press convention following the FOMC assertion.
If Fed Chairman Jerome Powell hints that the terminal fee might be reached, the market will attempt to time when the primary fee lower might be made.
Subsequently, whereas a fee hike subsequent week is hawkish for the greenback, the Fed may ship a dovish message on the press convention. In that case, count on Ethereum to hit a brand new excessive for the yr.
